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Tag Archives: consumer spending

The Erosion Of The Dollar Continues…

A Pfennig For Your Thoughts May 26, 2021 *Currencies are sloth-like in their moves VS the dollar * Gold finally moves back above $1,900!  Good Day… And a Wonderful Wednesday to you! Thank you, thank you, thank you (in my best Gomer Pyle voice) for all the get well wishes sent to me this week… I didn’t mean to scare anyone with a Sunday Pfennig, just wanted to get the word out about no Monday Pfennig while I was still awake… I did lose about 2 bags of blood, which has made me very tired,...

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Government Stimulus Is Blowing Up a Massive Economic Bubble

We’re told we’re on the road to economic recovery. The $1.9 trillion stimulus is all we need to get us over the hump. But the truth is, Americans started spending like they were over the hump months ago. In fact, American consumers high on stimulus have been on a spending spree since last summer. The Federal Reserve printed money. Uncle Sam handed it out. American consumers spent it on imported goods.This isn’t the formula for a genuine economy. It’s the formula for a giant bubble.During...

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Recession Early Warning? Spending By the Wealthy Is Slowing

America’s economy is built on consumption. Average Americans have been pushing the US economy along, spending money they don’t have. But as we’ve reported, there are signals that the credit cards might be close to maxed out. Now there appears to be another warning sign – the wealthy are reining in their spending.In August, Spencer Schiff wrote an article noting the importance of consumer spending to the US economy and the consequences that will follow if Americans suddenly tighten up their...

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Another Month, Another Record for Consumer Debt

Americans continue to drive the economy along spending money they don’t have. Consumer debt increased yet again in July, setting another record, according to the latest data released by the Federal Reserve.Total consumer debt surged $23.4 billion in July, driven by a huge jump in credit card balances. The big rise in consumer indebtedness took analysts by surprise. said the increase “exceeded all estimates” in a survey of economists. Overall, consumer debt increased by an annual rate of...

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Silver on Rocket Fuel! SchiffGold Friday Gold Wrap Aug. 30, 2019

Gold has had a pretty solid month, but silver has been going up like it’s on rocket fuel.In this episode of the Friday Gold Wrap, host Mike Maharrey takes a close look at the silver market and what’s going on there. He talks a little trade war, saying that maybe we shouldn’t be talking so much about the trade war. And he also touches on some economic news that came out the week.The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled...

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How Long Can Over-Leveraged Consumers Prop Up the Economy?

Earlier this week, Spencer Schiff wrote an article noting the importance of consumer spending to the US economy and the consequences that will follow if Americans suddenly tighten up their wallets.  Schiff isn’t alone in his concern. A mainstream economist sounded a similar warning during a recent CNBC interview.In his article, Spencer pointed out the US economy’s dependence on consumer spending.The recent emergence of widespread economic weakness leaves consumer spending, which makes up...

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Rising Interest Rates Cutting a Lifeline for Consumers

Climbing interest rates are putting the squeeze on the mortgage refi market. Applications to refinance home mortgages fell 5% last week, dropping to an 18-year low.According to CNBC, mortgage application volume was nearly 27% lower than a year ago when rates were lower. The refinance share of total mortgage application volume fell to its lowest level since August 2008, at just 35.3%.As Peter Schiff pointed out in a recent podcast, this is a bad sign for the broader economy. With rising...

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Rising Financial Stress for Consumers Could Spark Gold Rally

Expectations that the Fed will continue and perhaps even quicken the pace of interest rates hikes have created headwinds for gold. But there another side to the rising interest rate phenomenon that a lot of people in the mainstream seem to be missing. According to a recent report, the prospect of a higher interest rate environment is feeding signs of financial stress among debt-laden consumers.This doesn’t bode well for the US economy and could spur safe-haven demand for gold. The yield...

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American Purchases Of “Stuff They Don’t Need” Hits 17 Year High

Anyone who has been paying attention to the New York Fed’s Quarterly Report on Household Debt and Credit is probably aware that Americans are drowning in debt... ...CNBC is reporting that holiday spending this season is on track to hit a 12-year high, according to an annual survey of consumer spending habits. Keep in mind, that survey was taken before Comcast, Boeing, Fifth-Third Bank and AT&T announced they would be handing out last-minute holiday bonuses to rank-and-file employees......

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US Savings Rate at Lowest Level Since the Great Recession

Americans are spending money, but it appears they are dipping into their savings to do it.According to data released by the US Bureau of Economic Analysis, savings last month fell to a level not seen since 2007. The 3.1% rate in September was the lowest since it dipped to 3.0% in December 2007.In his most recent podcast, Peter Schiff reminded us of what was going on in late 2007.Now, something that happened in December of 2007 was the beginning of what we refer to as the...

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